Reply #4: Dow index suffers biggest drop in more than a year

[ozymandius]

NEW YORK (AFP) – US stocks slumped Thursday on European debt concerns and bearish US economic data, with the Dow index tumbling more than three percent for its biggest drop in more than a year.

The Dow Jones Industrial Average fell 376.36 points (3.60 percent) to 10,068.01, its third straight day of losses and biggest percentage fall since March 5 last year.

All 30 of the Dow's blue-chip components closed lower, with Bank of America and aluminum producer Alcoa recording the steepest daily drops.

Wall Street remain gripped by the eurozone debt crisis but local factors fueled the fresh stock plunge.

Fresh government data showed the largest number of Americans lining up for unemployment insurance claims in five weeks while a private survey indicated that the US economic recovery could stall.

A bill to overhaul financial rules and clean up Wall Street also passed a key hurdle Thursday in Congress, a victory for President Barack Obama but a blow to the corporate barons on Wall Street.

http://news.yahoo.com/s/afp/20100520/ts_alt_afp/stocksus